Ethanol was once touted as a panacea to high fuel costs, energy independence, and even global warming. Now, after billions of taxpayer dollars and government mandates for its use, ethanol has become the usual suspect in global food shortages, skyrocketing food prices, and increased environmental degradation.

On July 31 Milton Friedman would have turned 96. Why should you care? Because the revolutionary Nobel prize winning economist did more than any other person of his generation to advance his belief in freedom, free markets, and prosperity.